| EARNINGS PER SHARE AND EQUITY |
| | | | NOTE 9 - EARNINGS PER SHARE AND EQUITY |
The following table presents the calculation of basic and diluted EPS attributable to common stockholders: | | | | | | | | | | | | | | | | Three months ended | Six months ended | | millions except per-share amounts | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | | Income from continuing operations | $ | 3,000 | | $ | 338 | | $ | 3,236 | | $ | 1,168 | | | Discontinued operations, net of taxes | (4) | | 130 | | 3,119 | | 245 | | | Net income | $ | 2,996 | | $ | 468 | | $ | 6,355 | | $ | 1,413 | | | Less: Income attributable to noncontrolling interest | (19) | | (10) | | (33) | | (19) | | | Less: Preferred stock dividends | (170) | | (170) | | (340) | | (340) | | | Net income attributable to common stock | $ | 2,807 | | $ | 288 | | $ | 5,982 | | $ | 1,054 | | | Less: Incremental fair value for warrants inducement | — | | (25) | | — | | (25) | | | Less: Net income allocated to participating securities | (20) | | (2) | | (37) | | (7) | | | Net income, net of participating securities | $ | 2,787 | | $ | 261 | | $ | 5,945 | | $ | 1,022 | | | Weighted-average number of basic shares | 997.1 | 985.1 | 993.7 | 963.5 | | Basic income per common share | $ | 2.80 | | $ | 0.27 | | $ | 5.98 | | $ | 1.06 | | | Net income attributable to common stock | $ | 2,807 | | $ | 288 | | $ | 5,982 | | $ | 1,054 | | | Less: Incremental fair value for warrants inducement | — | | (25) | | — | | (25) | | | Less: Net income allocated to participating securities | (19) | | (2) | | (37) | | (7) | | | Net income, net of participating securities | $ | 2,788 | | $ | 261 | | $ | 5,945 | | $ | 1,022 | | | Weighted-average number of basic shares | 997.1 | | 985.1 | | 993.7 | | 963.5 | | | Dilutive securities | 15.1 | | 25.3 | | 16.1 | | 33.5 | | | Total diluted weighted-average common shares | 1,012.2 | | 1,010.4 | | 1,009.8 | | 997.0 | | | Diluted income per common share | $ | 2.75 | | $ | 0.26 | | $ | 5.89 | | $ | 1.03 | | | | | | | | Anti-dilutive securities excluded from diluted shares (millions) | 83.9 | | 84.2 | | 83.9 | | 83.9 | |
The following table presents Occidental's common share activity, including exercises of warrants, and other transactions in Occidental's common stock in 2026:
| | | | | | | | | | | | | | | | | Period | Exercise of Warrants (a) | | Other (b) | Treasury Stock Purchases (c) | Common Stock Outstanding | | December 31, 2025 | | | | | 986,026,416 | | | First Quarter 2026 | 3,609,243 | | | 2,939,668 | | (1,382,767) | | 991,192,560 | | | Second Quarter 2026 | 8,929,988 | | | 222,559 | | (636,556) | | 999,708,551 | | | Total | 12,539,231 | | | 3,162,227 | | (2,019,323) | | 999,708,551 | |
(a) $276 million of cash was received in the first six months of 2026 from the exercise of Common Stock Warrants. (b) Includes issuances under the 2015 long-term incentive plan and the OPC savings plan. (c) Includes purchases from the trustee of Occidental's defined contribution savings plan that are not part of publicly announced plans or programs.
As of June 30, 2026, Occidental had 17.9 million Common Stock Warrants with a strike of $22.00 per share and 83.9 million Berkshire Warrants held by Berkshire Hathaway with a strike of $59.59 per share. On March 3, 2025, Occidental announced an offer to holders of its Common Stock Warrants to exercise their warrants, each exercisable at $22.00, at a temporarily reduced price of $21.30 per share with an expiration date of March 31, 2025. In April 2025, Occidental issued 41.9 million shares of stock in return for proceeds of approximately $890 million. The incremental fair value associated with the Common Stock Warrants related to the change in exercise price was recognized as an equity issuance cost. The proceeds from the warrant exercise were used to repay near-term debt maturities.
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